首次公开发行的发行后市场表现:来自马来西亚股票市场的经验证据

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2018-10-10 DOI:10.1177/0972652718798188

Nurwahida Yaakub, Mohamed Sherif, R. Haniffa

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引用次数: 5

摘要

本研究考察了在马来西亚主要和替代“准入、确定性和效率”（ACE）市场上市的首次公开募股（IPO）在经济和部门层面的长期表现。利用事件和日历时间研究方法以及2000年1月至2011年12月的月度数据，我们为马来西亚市场以及ACE市场存在业绩不足异常提供了新的证据。我们证明了行业特定特征与总市场特征的区别。虽然消费品和工业部门在整体表现不佳中占主导地位，但建筑、房地产和科技部门的表现明显过剩。这些发现对包括参数和非参数测试在内的广泛的其他灵敏度检查是稳健的。JEL分类：G14、G15、G30、G34、G32、G38

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Post-issue Market Performance of Initial Public Offerings: Empirical Evidence from the Malaysian Stock Markets

This study examines the long-run performance of the initial public offerings (IPOs) listed in the Malaysian main and alternative ‘Access, Certainty and Efficiency’ (ACE) markets at the economic and sectorial levels. Using event- and calendar-time study methods and monthly data from January 2000 to December 2011, we provide novel evidence on the existence of under performance anomaly in the Malaysian markets and more intensely in the ACE markets. We demonstrate robust evidence on the distinction in sector-specific characteristics from the aggregate market characteristics. While the consumer products and industrial sectors dominate the overall underperformance, the construction, property and technology sectors significantly overperform. The findings are robust to a wide range of other sensitivity checks including parametric and non-parametric tests. JEL Classification: G14, G15, G30, G34, G32, G38

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.